2023 Sales Down 18% at Mountain Province
January 24, 24
(IDEX Online) - Mountain Province Diamonds (MPD) today (24 January) reported FY 2023 sales of $243.7m, down 18 per cent on the previous year.
The Toronto-based miner sold 2.7m carats in both 2022 and 2023 from the Gahcho Kue mine it operates as a joint venture with De Beers in Northwest Territories, Canada, but average per carat prices fell from $112 to $90.
It said price drops reflected the lower-value goods it had held back from previous quarters. It also said sales were impacted by India's two-month moratorium on imports.
During Q4 sales fell by 17 per cent to $58.9m. The number of carats sold in the three months to 31 December increased by 21 per cent to 917,757 but average per carat price during the quarter fell by 32 per cent from $94 to $64.
"Regarding the rough diamond market, the market is now reopened and we continue to monitor it closely to maximise value from our sales pipeline," said Mark Lane, president and CEO.
Full year production was 5.6m carats, at the low end of the company's 5.6m carats to 6.1m carats guidance. MPD mined 3.8m tonnes of ore, against revised guidance of 3.1m to 3.6m tonnes.
Pic shows processing plant at Gahcho Kue.